Business

INTERVIEW: Saudi Arabia’s Red Sea project to set ‘new global standards in sustainability’, says CEO
Business

INTERVIEW: Saudi Arabia’s Red Sea project to set ‘new global standards in sustainability’, says CEO

DUBAI: John Pagano has been involved in mega-projects around the world, but “none of them will have the impact this will have on Saudi Arabia,” he said. “This” is the Red Sea Development Company, of which he is CEO. Along with the plan to build a futuristic metropolis at NEOM in the northwest of the…

‘Electric Hummer’ to help GM’s move into EV trucks
Business

‘Electric Hummer’ to help GM’s move into EV trucks

General Motors (GM) plans to build a new family of premium electric pickup trucks and sport-utility vehicles at its Detroit-Hamtramck plant beginning in late 2021, possibly reviving the imposing Hummer brand on some of them, several people familiar with the plans said. The so-called BT1 electric truck/SUV program is the centerpiece of a planned $3…

Global leaders eye ‘modest rebound’
Business

Global leaders eye ‘modest rebound’

WASHINGTON: The world’s finance leaders agree that growth has slowed, but they remain hopeful for a modest rebound next year as long as trade and geopolitical tensions do not worsen. That was the assessment from finance ministers and central bank governors of the Group of 20 major industrial countries. Those officials met ahead of discussions…

Holiday Inn-owner IHG hit by weak China, Hong Kong bookings
Business

Holiday Inn-owner IHG hit by weak China, Hong Kong bookings

PARIS: French food group Danone said revenue growth accelerated in the third quarter as baby food products sales in China delivered another a strong rise in turnover, offsetting a weaker performance in other areas.The third quarter performance, however, lagged market expectations and Danone narrowed its sales growth outlook for the 2019 full year while keeping…

Food group Danone narrows 2019 sales growth goal despite strong Q3
Business

Food group Danone narrows 2019 sales growth goal despite strong Q3

Food group Danone narrows 2019 sales growth goal despite strong Q3 /node/1570861/business-economy Updated 18 sec ago October 18, 2019 21:52 Food group Danone narrows 2019 sales growth goal despite strong Q3 Q3 China baby food sales up more than 20% Eyes sales growth of 2.5-3% vs 3% previously Updated 18 sec ago Reuters October 18,…

IMF warns of Asia’s darkening growth outlook as trade war bites
Business

IMF warns of Asia’s darkening growth outlook as trade war bites

SEOUL: Tech giant Samsung Electronics on Friday acknowledged a major flaw with its fingerprint system that allows other people to open its top-end smartphones, advising users to delete all registered prints.Samsung is the flagship subsidiary of the giant Samsung Group and crucial to South Korea’s economic health. The conglomerate is by far the biggest of…

Oil prices fall but losses limited by Brexit deal hopes
Business

Oil prices fall but losses limited by Brexit deal hopes

LONDON: Oil prices fell on Thursday as industry data showed a larger than expected increase in US inventories but losses were limited after Britain and the EU announced they had reached a deal on Brexit. Global benchmark Brent crude was down 37 cents at $59.05 in afternoon London trade while US WTI crude was also…

China appeals to Washington for quick end to trade war
Business

China appeals to Washington for quick end to trade war

HO CHI MINH CITY/HONG KONG/SINGAPORE: Just next to Ho Chi Minh City’s financial district, two dozen street vendors’ stalls display colorful adverts for e-wallets backed by private equity firm Warburg Pincus, ride-hailing firm Grab and Singapore sovereign wealth fund GIC, among others.Between them, the stalls — selling everything from crab soup to Vietnamese Banh My…

Southeast Asia’s mobile payments face shakeout as market booms
Business

Southeast Asia’s mobile payments face shakeout as market booms

HO CHI MINH CITY/HONG KONG/SINGAPORE: Just next to Ho Chi Minh City’s financial district, two dozen street vendors’ stalls display colorful adverts for e-wallets backed by private equity firm Warburg Pincus, ride-hailing firm Grab and Singapore sovereign wealth fund GIC, among others.Between them, the stalls — selling everything from crab soup to Vietnamese Banh My…

Huawei’s third-quarter revenue jumps 27% as smartphone sales surge
Business

Huawei’s third-quarter revenue jumps 27% as smartphone sales surge

BENGALURU: Australian industrial engineering company WorleyParsons said it has informed the country’s foreign investments regulator of “creeping acquisitions” by its biggest shareholder, Dubai-based Dar Group. WorleyParsons had rejected a $2.2 billion full takeover bid from Dar Group in 2016, and Dar now owns about 20.2 percent of the Australian company, according to Refinitiv data. WorleyParsons’…

WorleyParsons warns regulator about Dubai shareholder’s stake raise
Business

WorleyParsons warns regulator about Dubai shareholder’s stake raise

PENANG: Urban planners in rapidly expanding Asian cities must involve the poorest residents in decision-making and include informal spaces if they are serious about tackling inequality, development experts said on Wednesday. More than 2.3 billion people in Asia-Pacific live in cities, and that number is expected to reach 3.5 billion in 2050, according to the…

Asian city planners urged  to include the poor
Business

Asian city planners urged to include the poor

SEOUL: South Korea’s central bank cut its policy interest rate on Wednesday, as expected, and left the door open for further easing although a split vote on the move suggested the next reduction may notbe imminent. The Bank of Korea’s monetary policy board trimmed the base rate by 25 basis points to 1.25 percent in…

IMF downgrades outlook for world economy, citing trade wars
Business

IMF downgrades outlook for world economy, citing trade wars

WASHINGTON: The International Monetary Fund is further downgrading its outlook for the world economy, predicting that growth this year will be the weakest since the 2008 financial crisis primarily because of widening global conflicts. The IMF’s latest World Economic Outlook foresees a slight rebound in 2020 but warns of threats ranging from heightened political tensions…

OPEC, allies to keep oil market stability beyond 2020
Business

OPEC, allies to keep oil market stability beyond 2020

LONDON: One in three British automotive firms is cutting jobs as Brexit nears, up from one in eight just under a year ago, according to a survey conducted by a group representing the industry which risks being a big loser from Brexit. Eighty percent of firms feared leaving the EU would hurt their future prospects and…

Automakers cut jobs and fear for investment as Brexit looms
Business

Automakers cut jobs and fear for investment as Brexit looms

LONDON: Britain’s vast financial services industry will lose more jobs to Europe over the coming years because of Brexit, the City of London’s policy chief told Reuters, warning people not to be duped by the low number of job moves to the continent so far. The City of London, home to global foreign exchange, bonds and…

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan
Business

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

STOCKHOLM: US-based economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize on Monday for work fighting poverty that has helped millions of children by favoring practical steps over theory.French-American Duflo becomes only the second woman to win the economics prize in its 50-year history, as well as the youngest at…

Trio wins economics Nobel for science-based poverty fight
Business

Trio wins economics Nobel for science-based poverty fight

STOCKHOLM: US-based economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize on Monday for work fighting poverty that has helped millions of children by favoring practical steps over theory.French-American Duflo becomes only the second woman to win the economics prize in its 50-year history, as well as the youngest at…

Lufthansa cabin crew union calls for Sunday strike in Frankfurt, Munich
Business

Lufthansa cabin crew union calls for Sunday strike in Frankfurt, Munich

TOKYO: Under-pressure start-up WeWork is considering two huge bailout plans including a cash injection that could see Japanese investment titan SoftBank take control of the firm, according to reports.The office-sharing giant had been on course for a massive initial public offering until last month when questions began to be asked over its governance and profit…

UAE-based companies turn to Bangladesh to build their ships
Business

UAE-based companies turn to Bangladesh to build their ships

KUALA LUMPUR: From luxury Singapore apartments to Malaysian seafront condos, Hong Kong investors are shifting cash into Southeast Asian property, demoralized by increasingly violent protests as well as the China-US trade war. Millions have taken to the streets during four months of pro-democracy demonstrations in the southern Chinese city, hammering tourism while also forcing businesses to…

Property investors turn to SE Asia amid Hong Kong unrest
Business

Property investors turn to SE Asia amid Hong Kong unrest

KUALA LUMPUR: From luxury Singapore apartments to Malaysian seafront condos, Hong Kong investors are shifting cash into Southeast Asian property, demoralized by increasingly violent protests as well as the China-US trade war. Millions have taken to the streets during four months of pro-democracy demonstrations in the southern Chinese city, hammering tourism while also forcing businesses to…

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